Without a doubt, 2020 has been the year of the online experience. Cash and checks are increasingly becoming less and less common, while online payments are growing rapidly in use. However, for your business to accommodate this shift, you will need an account that can handle the increase in online, debit and credit card payments.
A merchant account enables your business to accept payments in multiple ways. This not only helps you provide convenient options consumers today expect, but also add value to your business and open it up to opportunities. Below, you will find a few of the top reasons why you should use a merchant account.
Accept credit cards
The main reason merchants seek out an account is to secure the ability to accept debit and credit cards. As the use of these payment types continues to grow, along with the consumer expectation that a business will accept them, businesses are having to jump on board to keep up. The more these payment types become the norm and demand for them grows, businesses must prioritize them as an important part of the customer experience.
Especially this year, businesses have been doing their very best to meet the shifting needs of customers during these unprecedented times. Customer convenience is more important than ever before. A merchant account can help your business create an experience that leads to satisfied (and returning) customers, due to the flexibility it provides. From credit cards and online payments through a shopping cart to mobile payments and recurring billing, you can create an enjoyable, convenient experience.
Avoid bad checks
Bad checks have always been stressful for business owners. A merchant account can help you avoid the hassle, costs and stress associated with bounced checks. Since merchant accounts provide a complete payment system, you can also shape your payment options to work for your business – not against it. For example, you gain the ability to accept recurring payments for services you provide on a repeat basis.
Most importantly, a merchant account can help you increase sales. Numerous studies have found that customers with options tend to spend more when they can choose their credit card over cash. In fact, in a Community Merchants USA survey, 83 percent of small business owners said they saw an increase in sales by accepting credit cards.
Stronger cash flow management
One of the biggest mistakes business owners make is not devoting enough time to cash flow management and forecasting. By utilizing a merchant account, you can facilitate better money management. By accepting credit cards and transitioning to online payments, you can streamline the way your business handles transactions. You will be much more organized and cash flow management will be much easier to keep up with.
If you’ve had trouble securing a merchant account in the past, make sure you check out a high risk merchant account. High risk providers specialize in working with business types and industries other providers consider “too risky” to work with.
Author Bio:- Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.